Jim Ovia to Earn Over N9bn in Dividends

• Jim Ovia to Earn Over N9bn in Dividends

Zenith Bank Plc founder Jim Ovia will earn over N9 billion from his holdings in the bank for the financial year ended December 2018, checks have revealed.

The billionaire owner has a direct stake of 3,546,199,395 shares in the bank. This represents 11.29 per cent of the bank’s 31,396,493,787 shares in issue. Investigations showed the founder may have increased his shares in the bank from the 9.38 per cent stake he had in 2017.

The Bank’s Board of Directors declared a dividend of N2.50 per share, as shown in the financial results filed through the Nigerian Stock Exchange on Tuesday. That was in addition to the N0.30 per share paid as interim dividend in 2018. Bringing the total dividend paid for the year to N2.80 per share.

At N2.80 per share, Ovia would earn N9.9 billion on his direct holdings of 3,546,199,395 shares.

The founder also has indirect holdings of 1,513,137,010 shares. This amounts to another N4.2 billion in dividends.

Indirect holding means the founder is a direct shareholder in a firm that owns direct shares in Zenith Bank. If he also owns the entire company, he will earn a combined N13.5 billion in dividends.

Zenith Bank shares rose by 5.63 per cent to N25.35 on Tuesday.